Now let’s say your business made money this tax year. There are already tax loopholes that allow you to claim losses even if you made money, so not only are you skipping out on this year’s taxes, you’re also saving that extra 1.25 million.: they also suspended the Aviation Excise Tax on passengers, freight and fuel, so feel free to take the private jet you were able to down payment with your tax savings anywhere in the world.
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Not only does that make perfect sense, but I can also completely see how that would both benefit small businesses affected by coronavirus AND be able to be taken advantage of by companies that don’t need it. In addition: while loss carry backward certainly sounds weird in practice, a loss carries forward is quite a normal thing in a lot of countries. With a loss carry forward.
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